Tradetech 40: Finastra, on digitalisation in trade finance
TFG spoke to Torsten Pull, SVP, General Manager of Corporate Banking at Finastra on the digitalisation of trade and supply chain finance.
Torsten has over 19 years’ experience in global transaction banking, having held a range of senior leadership positions at Deutsche Bank, including CIO for Cash & Trade Finance, prior to joining Finastra. Today he oversees Finastra’s corporate banking products and solutions, covering lending, trade, supply chain finance, cash management and corporate channels. As the financial services industry addresses the challenge of business transformation, he’s proactively involved in shaping and delivering the corporate banking solutions of the future and in leading the team in delivering outstanding products and services, and supporting seamless integration and continuous innovation.
Formed in 2017 by the combination of Misys and D+H, Finastra provides the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Its solutions enable customers to deploy mission critical technology on premises or in the cloud. Through open, secure and reliable solutions, Finastra empowers its customers to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world’s top 100 banks use Finastra technology.
How is Finastra using technology to disrupt, enhance or grow international trade?
Why do you think Finastra is represented in the Tradetech 40?
Finastra has always been at the forefront of digitalisation in trade and supply chain finance, and in evolving with the future trade ecosystem. With 9,000 customers and 90 of the world’s top 100 banks using Finastra, we power ~10% of daily Trade Finance operations worldwide.
As the driving force behind the World Trade Symposium, an annual conference tackling key issues in trade with industry leaders, Finastra has made a commitment to advance financial inclusion and trade globally through open markets, open finance and open architecture.
What are your biggest plans for 2019?
What are your top predictions for 2019?
There is a recognition in the industry that the BigTech and platform companies – such as Google, Amazon, Facebook and Apple– have, and will potentially further disrupt banks. Banks have started to understand that they need to change the way they collaborate and co-innovate with BigTech companies & FinTechs by embracing the platforms and open API ecosystems that they provide. We will also see more and more bank CIOs with BigTech or FinTech backgrounds helping embrace the transformation journey that banks have started.